Is Your Jewelry Protected? 3 Reasons You Should Have Your Jewelry Appraised & Insured

June 21, 2016 1 Comment

sample jewelry appraisal form

In the event of loss, theft, or damage, it is important to be prepared. Whether you've spent years building your collection or just starting out, insurance appraisals are handy for when the unthinkable happens.


3 reasons to Get a Jewelry Appraisal

  1. Appraisals are essential to the insurance process.

Determining a value is important, even if the jewelry is sentimental and you don't care what it is actually worth. It is good to know if any other insurance policies you may have cover appraised value of your jewelry. The value of your jewelry can also affect your premium. Value can fluctuate and your policies should change accordingly. Old appraisals can sometimes work in your favor, but it is important to have your jewelry appraisal updated every 2-3 years.

  1. Your word unfortunately is not good enough.

Although your agent may trust you when it comes to the value of your items, insurance underwriters want it in writing and most prefer documentation from a certified source. Filing a claim doesn't mean that the insurance company is going to immediately fork over a check either. They want to see the "receipts" so to speak: a police report and/or a how and why. A certified appraisal attests to the valuation, quality, design, and condition of your jewelry in the event of any loss, theft, or damage.

  1. Sales receipts do not determine replacement value.

Cost and value are not the same. You may have paid a certain amount at the time of purchase, but market value fluctuates, therefore influencing your claim.

Jewelry Appraisal Sample

The general rule of thumb is that anything worth more than $500 should be appraised. If you are unsure, schedule an appointment to bring your items into Spectrum Fine Jewelry and we can help you identify which jewelry items may need further documentation. It is also very important to contact your insurance company and determine what documentation is preferred , as well as what your policy may cover.

You can read more about the importance of jewelry insurance




1 Response

Debbie Sheegog
Debbie Sheegog

July 27, 2016

Hi, guys! Question about this outstanding idea~ how long do we have when it is our time to work with someone, and how do you suggest selecting what you are sure is of great value, over $500-, and including pieces you are not sure about, like given, inherited, you get it. Thanks! p.s. oops that was two for one question

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